Fintech startup Soldo has raised $11 million in a round led by Accel. Connect Ventures, InReach Ventures, U-Start, and R204 Partners also participated.

Soldo has launched cloud-based spend management services for both families and businesses. For the latter, the service is based on Mastercard’s network with Soldo’s own software providing expense and spend tracking and automating tools for businesses and their employees.

The new funds will be invested in further developing the company’s proprietary technology. It’s currently available in the UK and Italy with European expansion plans pencilled in.

“We were delighted our business account was first to market in the UK offering companies an entirely new way to automate company-wide expense accounting, effectively eliminating the workload required to manage cash advances for employees and track company cash flow,” said Soldo CEO, Carlo Gualandri.

Accel partner Sonali de Rycker will be joining Soldo’s board. The company raised a seed round last November.

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